Marking Scheme
PRACTICE PAPER-4
CLASS-XII
ACCOUNTANCY
(2020-2021)
Part- A (Accounting for Not for Profit organizations, Partnership firms and Companies)
1 (a) 7.5
2 (b) Sacrificing Partner’s Capital A/c
3 (a) 10
4 (b) Rs. 9 per share
5 (b) Rs.34,000
6 (c) Loan from Partner A/c….Dr
To Realisation A/c
7 (c) Rs. 32,000
8 (d) 3:2
9 (c) Continuing (Gaining) Partner’s Capital A/c
10 (d) 55,000
11 (b) 1,20,000
12 (a) 20,000
13 (c) 0
14 Sports material consumed
=Paid to creditors+ Cash Purchase of Sports Material- Book Value of Sports Material Sold + Opening
Stock-Closing Stock-Creditors in the beginning- Creditors at the end.
=2,00,000+1,20,000-35,000+50,000-60,000-1,50,000+60,000
= 1,85,000
Or
Subscription to be credited to income and Expenditure A/c
=Subscription received during the year- Subscription not recoverable- Outstanding Subscription in the
beginning+ Advance Subscription in the beginning -Advance Subscription at the end + Outstanding
Subscription at the end
=6,80,000-25,000-60,000+35,000-(20,000+50,000)+70,000
=6,30,000
15 Adjustment Table
Mohan Sanjay Parvesh Firm
IOC 10000 6000 8000 (24000)
IOD (300) (300) (300) 900
Wrong profit (24000) (24000) (24000) 72000
(14300) (18300) (16300) 48900
Profitin5:4:1 24450 19560 4890 (48900)
Net Effect 10150 1260 (11410) ----
Entry:
Parvesh’s Capital A/c 11,410
To Mohan’s capital A/c 10,150
To Sanjay’s Capital A/c 1,260
OR
Calculation of Opening Capital
Particulars Sourabh Gaurav
Closing Capital Add: Drawings Less: Profits
1,60,000 30,000 (37,800)
1,40,000 30,000
(25,200)
Less: Interest on Capital Opening Capital
1,52,200 13,836 . 1,38,364
1,44,800 13,164 . 1,31,636
Total Closing Capital (of Sourabh and Gaurav) Add: Total Drawings (of Sourabh and Gaurav) Less: Profits (including interest on Capital) Total Capital in the beginning of the year
= 1,60,000 + 1,40,000 = Rs. 3,00,000 = Rs. 60,000 = (Rs. 90,000) . = Rs.2,70,000
Interest on Capital Divisible profits
= 10% of 2,70,000 = Rs. 27,000 = 90,000 - 27,000 = Rs. 63,000
16 Journal
Date Particular L.F. Dr. (Rs,) Cr. (Rs.)
Sundry assets A/c Dr.
(Goodwill) Dr.
To Sundry liabilities A/c
To Shyam Ltd.
(Being the business of Shyam Ltd
purchased)
12,00,000
30,000
1,80,000
10,50,000
Shyam Ltd. Dr.
To Equity shares Capital A/c
To Securities Premium Reserve A/c
( Issue of 10,000 shares of Rs. 100 each at 5
% premium)
10,50,000
10,00,000
50,000
17 Journal
S.no. Particulars L.F. Debit (Rs. )
Credit (Rs. )
(i) X’s Capital A/c …….Dr. To Bank A/c
(Being Realisation expenses of Rs. 5,000 were to be borne by X, whereas, paid by firm.)
5,000
5,000
(ii) Realisation A/c ....................... Dr To Bank Loan A/c
(Being bank loan paid)
34,000
34,000
(iii)
Bank A/c ................................ Dr
To Realisation A/c
8,000
8,000
(iv) Bank A/c ................................ Dr 60,000
To Realisation A/c ( Being investment realized for 60,000)
60,000
18 A’s Sacrifice=3/10 , B’s Gain/Sacrifice=0 C’s Gain =3/10 (1Mark)
Net Amount for Adjustment=30,000 (1)
C’s Capital A/c–Dr(30,000X1/30) 9,000
To A’s Capital A/c 9,000 (2Marks)
19 Surplus 1,00,800 2marks
Opening Capital fund 4,87,300 1mark
Balance Sheet total 6,06100 3marks
20 Journal
Date Particulars Dr.(Rs.) Cr.(Rs.)
(a)
(b)
Bank A/c (2,000 x 95)..................................... Dr To Debenture Application and Allotment A/c
Debenture Application and Allotment A/c Dr
Loss on issue of debentures A/c Dr To 9% debentures A/c To Premium on Redemption of Debentures A/c
Bank A/c (1,000 x 530) Dr
To Debenture Application and Allotment A/c
Debenture Application and Allotment A/c........ Dr Loss on issue of debentures A/c .................... Dr
To 9% debentures A/c To premium on redemption of debentures A/c To Securities Premium Reserve A/c
1,90,000
1,90,000 40,000
5,30,000
5,30,000 1,00,000
1,90,000
2,00,000 40,000
5,30,000
5,00,000 1,00,000
30,000
21 Journal
Date Particulars L.f. Dr.(Rs.) Cr.(Rs.)
Revaluation A/c ….. Dr. To Furniture A/c
(Furniture depreciated by 5%)
Stock A/c ……. Dr To Revaluation A/c
(Stock appreciated)
Creditors A/c …….Dr To Revaluation A/c (Creditors written off)
Accrued Rent A/c ................................... Dr. To Revaluation A/c (Rent due but not received)
Revaluation A/c ......................................... Dr.
To Rajkumar’s Capital A/c To Rajendra Kumar’s Capital A/c (Profit of revaluation distributed among existing partners
in the ratio2:1) Cash A/c Dr.
To Dhiraj kumar’s Capital A/c To Goodwill A/c
(Dhiraj Kumar brought his share of Capital and Goodwill)
Goodwill A/c Dr. To Rajkumar’s Capital A/c To Rajendra Kumar’s Capital A/c
( Goodwill distributed among sacrificing partner in their sacrificing ratio old profit sharing i.e. 2:1 to compensate for their sacrifice) Rajkumar’s Capital A/c Dr. Rajendra Kumar’s Capital A/c Dr.
To Profit and Loss A/c (Loss distributed among existing partners in their old
profit sharing ratio 2:1) General Reserve A/c Dr.
To Raj kumar’s Capital A/c To Rajendra Kumar’s Capital A/c
(General Reserve distributed among existing partners in their old profit sharingratio2:1)
1,500
5,000
5,000
2,000
10,500
1,05,000
45,000
20,000 10,000
60,000
1,500
5,000
5,000
2,000
7,000 3,500
60,000 45,000
30,000 15,000
30,000
40,000 20,000
OR
Profit on Revaluation Rs 26,000 3marks
Capital A/c’s – A’s Cr. Balance 1,89,140
B’s Loan A/C 2,04,600
C’s Cr. Balance 75,660 5marks
22
Date Particulars Dr.(Rs.) Cr.(Rs.)
Bank A/c 1980000
To Equity Share Application A/c 1980000 (Being application money received)
Equity Share Application A/c 1980000
To Equity Share capital A/c 1500000 To Equity Share Allotment A/c 300000 To Bank A/c 180000
(Being Shares allotted and balance refunded)
Equity Share Allotment A/c 2500000
To Equity Share capital/c 2000000 To Securities Premium Reserve A/c 500000
(Being Share allotment money including premium
Bank A/c 2199500
Calls in Arrears A/c 2000
To Equity Share Allotment A/c 2200000 To Calls in Advance A/c 1500
(Being allotment money received)
Equity Share Capital A/c
7000
Securities premium Reserve A/c 1000
To Shares Forfeited A/c 6000 To Calls In Arrears A/c 2000
(Being 1000 shares forfeited for non-payment of
allotment including premium.)
Bank A/c 14000
To Share Capital A/c 7000 To Securities Premium Reserve A/c 7000
(Being forfeited shares reissued at Rs. 14 per share)
Shares Forfeited A/c 6000
To Capital Reserve A/c 6000 (Being share forfeited money transferred to Capital
Reserve account)
Or
Date Particulars Dr.(Rs.) Cr.(Rs.)
Bank A/c ............................ Dr. To Eq. Share App. A/c
Eq. Share App .A/c ................ Dr. To Eq. Share Capital A/c
Eq. Share Allotment A/c ............. Dr To Eq. Share Capital A/c
50,000
50,000
50,000
50,000
50,000
50,000
Banka/c .................................... Dr. To Eq. Share Allotment A/c
Eq. share first call A/c Dr.
To Eq. Share Capital A/c
Bank A/c ............. Dr. Calls in Arrears a/c… .... Dr.
To Eq. Share First Call A/c To Calls-in–Advance a/c
50,000
40,000
44,000 2,000
50,000
40,000
40,000 6,000
EXTRACT OF BALANCE SHEET
Particulars Note No. Amount(Rs.)
I Equity and Liabilities Shareholders’ Funds
Share capital
1
1,38,000
Notes to Accounts:
Particulars Rs
Share Capital Authorized Capital: 4,000 Eq. shares of Rs.100 each Issued Capital:
2,000 Eq. shares of Rs.100 each Subscribed Capital: Subscribed but not fully paid up 2,000 Eq. shares of Rs.100 each, Rs.70 called-up 1,40,000
Less: Calls in Arrears 2,000
4,00,000
2,00,000
1,38,000
Marking Scheme
Part-B
(Analysis of financial statements)
23. Ans.(b) Current Profitability and Operational efficiency (1)
24. Ans.:(d) Depreciation and Amortisation (1)
25.. Ans. (a) Inventory Turnover and Current Ratio (1)
26. Ans.(b) Rs.30,00,000 (1)
27. Ans. (a) Rs.40,000; Financing (1)
28. Ans. Turnover Ratios (1)
29. Ans. (b) Window dressing (1)
30. Ans.
Item Major Head Sub Head
Outstanding salary Current Liabilities Other Current Liabilities
Work-in-progress Current Assets Inventories
Unpaid Dividend Current Liabilities Other Current Liabilities
OR
Trade Payables Turnover Ratio= Net Credit Purchase/ Avg. Trade Payables
= 3,29,000/47,000 = 7 Times
Where Closing Creditors = Opening Creditors + Credit Purchases + Dishonour of endorsed bill
- Cash and cheques paid during the year
= 44,000 + 3,29,000 + 25,000 - 3,48,000 = Rs.50.000
Average Creditors =44,000 + 50,000/2 = Rs.47,000 (3)
31 Ans. Common Size Balance Sheet
for the year ended 31st March,2018 and 2019
Particulars Note No.
31-3-2018
Rs.
31-3-2019
Rs.
31-3-2018
% of total
31-3-2019
% of total
I. EQUITY AND LIABILITY
1. Shareholder’s Fund: (a) Share Capital
(b) Reserves and Surplus
2. Current Liabilities: Trade Payables
1,50,000
2,00,000
50.00
57.14
1,25,000 1,00,000 41.67 28.57
25,000
50,000
8.33
14.29
3,00,000
3,50,000
100.00
100.00
Particulars Note No.
31-3-2018
Rs.
31-3-2019
Rs.
31-3-2018
% of total
31-3-2019
% of total
II. Assets:
1. Non-Current Assets:
Fixed Assets:
(i) Tangible Assets
(ii) Intangible Assets
2. Current Assets:
(a) Inventory
(b) Cash and Cash Equivalents
(c) Other Current Assets
99,000
87,500
33
25
30,000 35,000 10 10
60,000
52,500
20
15
36,000 42,000 12 12
75,000 1,33,000 25 38
3,00,000
3,50,000
100
100
OR
Comparative Statement of Profit and Loss
For the year ended 31st March 2018 and 2019
Particulars Note No.
Absolute
2017-18 (Rs.)
Amount
2018-19 (Rs.)
Change Base
Absolute Change (Increase or Decrease) (Rs.)
Year
Percentage Change (Increase or Decrease) (%)
A B B - C = C C/A x 100= D
I. Revenue from Operation
25,00,000
20,00,000
(5,00,000)
(20)
II. Other Income - - - -
III. ToTal Revenue (I + II)
25,00,000
20,00,000
(5,00,000)
(20)
IV. Less Expenses:
(a) Employees’ Benefit Expenses 6,00,000 5,00,000 (1,00,000) (16.67)
(b) Other Expenses 1,50,000 1,00,000 (50,000) (33.33)
Total Expenses (a + b)
7,50,000 6,00,000 1,50,000 (20)
V. Profit before Tax (III - IV)
VI. Tax Expenses @ 40% 17,50,000 14,00,000 (3,50,000) (20)
7,00,000 5,00,000 1,40,000 20
VII. Profit after Tax
10,50,000 8,00,000 2,10,000 20
32. Ans. Cash Flow Statement of Grima Industries Ltd.
for the year ended 31st March, 2019
Particulars (Rs.) (Rs.)
A Cash Flows from Operating Activities:
Net Profit before tax and Extraordinary items
Adjustments for non-cash and non-operating items
Add: Loss on sale of Fixed Assets
Depreciation on Fixed Tangible Assets
Operating profit before change in working capital
Add: Increase in current liabilities and Decrease in current assets
Inventory
Less: Decrease in current liabilities and Increase in current assets
Prepaid Expenses
(20,000)
3,000
12,000
(5,000)
15,000
(5,000)
B
C
D
E
F
Trade Payables
Cash used in Operating Activities
Cash Flow from Investing Activities:
Sale of Fixed Tangible Assets
Purchase of Intangible Assets
Sale of Intangible Assets
Cash Flow from Financing Activities:
Proceeds from Issue of Share Capital
Net Cash from Financing Activities
Net increase in cash and cash equivalents (A + B + C)
Add: Cash And Cash Equivalents in the beginning
Cash and Cash Equivalents at the end
(45,000)
(40,000)
10,000
(50,000)
60,000
20,000
50,000
50,000
(40,000)
20,000
50,000
30,000
10,000
40,000
Working Notes:
Net Profit before tax and extraordinary items:
● Net profit for the current year = (50,000) - (30,000) = (20,000)
Intangible Assets A/C
Dr. Cr.
Particulars Amount (Rs).
Particulars Amount (Rs.)
To Balance b/d
To Bank A/C (Purchases)
70,000
50,000
1,20,000
By Bank A/C (Sales) (Balancing Figure)
By Balance c/d
60,000
60,000
1,20,000
Dr. Fixed Tangible Assets A/C Cr.
Particulars Amount (Rs.)
Particulars Amount (Rs.)
To Balance b/d 1,10,000 By Accumulated Depreciation A/C
By Bank A/C (sales)
7,000
10,000
1,10,000
By Statement of Profit and loss
By Balance c/d
3,000
90,000
1,10,000
Dr. Accumulated Depreciation A/C Cr.
Particulars Amount (Rs.)
Particulars Amount (Rs.)
To Fixed Assets
To Balance c/d
7,000
10,000
17,000
By Balance b/d
By Statement of Profit and Loss
5,000
12,000
17,000
Marking Scheme PRACTICE PAPER-4 CLASS-XII ACCOUNTANCY (2020-2021)15 Adjustment TableC’s Capital A/c–Dr(30,000X1/30) 9,000OrMarking Scheme Part-BOROR (1)32. Ans. Cash Flow Statement of Grima Industries Ltd.Working Notes:Intangible Assets A/C
Top Related